“…Global remittances increased from around US$30 billion annually in the early 1990s to $318 billion in 2007, with three-quarters of this amount directed towards lower-middle-income and low-income developing countries (Vargas-Lundius, Lanly, Villarreal, & Osorio, 2008, p. 14). To developing countries alone, official remittance flows reached an estimated $401 billion in 2012, surpassing the global sum for 2007, and this figure is projected to reach $515 billion in 2015(World Bank, 2013. This dramatic rise of reported emigrant transfers does not entirely correspond with the real aggregated volume of migrants' earnings that are sent home; instead, it is linked with improved measurement and closer scrutiny of remittance flows, reduction of the transfer costs, and depreciation of the US dollar (Ratha, 2007, p. 2).…”